Wound Closure Products Market to Surpass $10,148.7 Million Revenue in 2030: P&S Intelligence

NEW YORK, Nov. 22, 2022 /PRNewswire/ -- According to the recent market research study published by P&S Intelligence, the wound closure products market has garnered $6,540.1 million revenue in 2021. Moreover, it is projected to advance at a rate of 5.0%, to generate $10,148.7 million revenue in 2030. It is ascribed to technological advancements, increasing elderly population, rising incidence of diabetes, and surging healthcare expenditure. 

In addition, the rising volume of surgical procedures, led by the increasing prevalence of chronic diseases, and the growing count of road accidents propel the industry size.

Homecare Settings To Witness Fastest Growth

Homecare settings will experience the fastest growth in the coming years, at a rate of 6%. It will be due to the worldwide increasing elderly population, rising adoption of home healthcare services, and growing usage of easy-to-use products. 

Moreover, patients with accident wounds and diabetic foot ulcers need to be hospitalized for a long duration. It is usually difficult and costly and, thus, results in a high requirement for wound closure products in homecare settings.

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Hospitals and Clinics Hold Largest Revenue Share

Hospitals and clinics have captured the largest industry share, and they are expected to retain the same position in the near future. It is led by the enhancing hospital infrastructure, availability of advanced products, greater patient footfall in these settings, and their increasing accessibility to populations of varying income levels.

Rising Surgery Volume Boosts Demand for Wound Closure Equipment

The worldwide rising number of surgeries and increasing usage of wound closure products propel the industry. The major factors contributing to the increasing volume of surgical procedures are the rising count of road accidents and growing prevalence of diabetes, cancer, and necrotizing fasciitis. These conditions result in nasty wounds, which are hard to heal and need proper care for a longer period. 

The rising number of burn cases and growing incidence of injuries in low-and middle-income countries also propel the number of surgeries and, thus, boost the wound closure product demand. In addition, many chronic diseases need surgeries at some point, which boosts the demand for these products.

Sutures Dominate Industry 

Sutures capture the largest industry share, around 35%, and they are projected to retain their dominance throughout this decade. It is driven by the rising usage of sutures to bring together damaged tissue, after cuts, surgery, lacerations, injury, and road accidents, worldwide rising prevalence of surgical procedures, and suturing material advancements. 

Browse detailed report on Wound Closure Products Market Size, Share, Trends and Growth Analysis 2022-2030

Surgical Staples To Witness Fastest Growth 

Surgical staples are projected to experience the fastest growth in consumption, ascribed to their massive usage to speed up the healing of surgical wounds and linear lacerations.

In addition, the rising popularity of stapling is led by their ease of usage and consistency compared to suturing. The easy availability of advanced staplers with single as well as multiple usage options also results in their surging popularity in bariatric surgeries, arthroplasties, bowel surgeries, cholecystectomies, and Cesarean sections.

North America Captures Largest Industry Share

North America holds the largest industry share, around 40%, and it is projected to follow the same trend in the coming years. It is ascribed to the rising prevalence of chronic diseases, including diabetes, and the increasing incidence of sports injuries and road accidents.

Global Wound Closure Products Market Report Coverage

By Product Type

• Sutures
• Absorbable
• Non-absorbable
• Staples
• Adhesives & Tissue Sealants
• Synthetic
• Non-synthetic
• Collagen-based
• Strips
• Mechanical Wound Closure Devices
• Hemostatic Agents

By Wound Type

• Diabetic Foot Ulcers
• Pressure Ulcers
• Surgical & Traumatic Wounds
• Burns
• Venous Leg Ulcers

By End User

• Hospital & Clinics
• Homecare Settings
• Long-Term Care Settings

Regional Analysis

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• U.K.
• Italy
• Spain
• Asia-Pacific
• China
• India
• Japan
• South Korea
• Australia
• Latin America
• Brazil
• Mexico
• Middle East and Africa
• Saudi Arabia
• South Africa

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SOURCE P&S Intelligence